These figures point to the layoffs not being that substantial (of course that assumes that the employee directory is accurate, which it probably isn't). If anyone is interested, I have a list of the 143 people that have been in the employee directory at some point and their hire/fire dates (Way Back Machine started crawling the site 4/14/2010, when the page had 102 people on it).

Valve had 400 employees. I don't know how they determine who goes on their People page, but it isn't even half their employees. Hell, they said 25 or 26 were laid off, but only what, 12 of them were on that page?

They announced in September they were around the 400 mark, give or take.